Dubai’s New Digital Assets Legislation Enacted by DIFC
Dubai International Financial Centre (DIFC) officially announced the introduction of a pioneering Digital Assets Law, establishing it as the first of its kind globally.
2 min
This legislation incorporates the new Law of Security and integrates amendments into various existing laws to address the implications brought about by the digital assets’ domain and the revamped security regime.
The primary goal of these legislative updates is to align DIFC‘s legal framework with the fast-evolving international trade and financial sectors propelled by technological advancements. These changes also aim to provide a solid legal foundation for both investors in and users of digital assets. This move follows a thorough examination of digital assets’ legal treatment across various jurisdictions and a period of public feedback in 2023, culminating in the enactment of DIFC’s distinctive Digital Assets Law.
Comprehensive Updates to Existing Laws
In concurrence with the new digital asset’s framework, significant revisions have been made to existing DIFC laws, including the Contracts Law, Law of Obligations, Law of Security, Law of Damages and Remedies, Trust Law, and Foundations Law through the DIFC Amendment Law, No. 3 of 2024. These modifications address specific concerns related to digital assets, with notable updates to the Law of Obligations that now accommodate the use of electronic transferable records, enhancing efficiency in cross-border digital trade.
Advancements in Secured Transactions and Digital Trade
The legal landscape of secured transactions has witnessed substantial innovation, especially since the introduction of the DIFC Law of Security in 2005. The new regulations address the evolving nature of credit extension and digital asset collateral arrangements, alongside the digital transformation of international trade.
The DIFC has adopted a new approach by repealing the outdated 2005 Law of Security and the Financial Collateral Regulations, introducing a revamped Law of Security that aligns with the UNCITRAL Model Law on Secured Transactions, thereby modernizing its securities regime.
Jacques Visser, DIFC Authority’s Chief Legal Officer, expressed enthusiasm about the new Digital Assets Law, highlighting its role in defining the legal status of digital assets within property law and facilitating their control, transfer, and management. The legislation, effective from March 8, 2024, is a testament to DIFC’s commitment to establishing a transparent, robust, and globally aligned legal and regulatory framework. Access to the new legislation is provided through DIFC’s Legislative Database.
In summary, the enactment of the Digital Assets Law and the comprehensive legislative updates underscore DIFC’s dedication to staying at the forefront of legal and regulatory excellence in the digital age.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
Saudi Arabia ranked first among countries for the non-oil exports of national origin with BD201 million (22%)
2 min
Bahrain’s non-oil exports of national origin decreased by 6% to BD894 million ($2.37 billion) in Q2 2024 compared to the same period in 2023. The top 10 countries accounted for 64% of the total export value.
According to the Information & eGovernment Authority (iGA) in its Q2 2024 Foreign Trade report, Saudi Arabia was the leading destination for these exports, totaling BD201 million (22%). The US followed with BD75 million (8.4%), and the UAE with BD73 million (8.2%).
Unwrought aluminum alloys were the top exported product in Q2 2024, amounting to BD267 million (30%), followed by agglomerated iron ores and concentrates alloyed at BD159 million (18%) and non-alloyed aluminum wire at BD49 million (5%).
Non-oil re-exports
Non-oil re-exports increased by 4% to reach BD206 million during Q2 2024, compared to BD198 million for same quarter in 2023. The top 10 countries accounted for 86% of the re-exported value. The UAE ranked first with BD58 million (28%) followed by Saudi Arabia with BD39 million (19%) and UK with BD17 million (8%).
As per the report, turbo-jets worth BD65 million (32%) were the top product re-exported from Bahrain, followed by private cars with BD11 million (5%) and four-wheel drive with BD9 million (4%).
The value of non-oil imports has decreased by 4% reaching to BD1.41 billion in Q2 2024 in comparison with BD1.47 billion for same quarter in 2023. The top 10 countries for imports recorded 68% of the total value of imports.
China Bahrain’s biggest importer
China ranked first for imports to Bahrain, with a total of BD191 million (14%), followed by Brazil with BD157 million (11%) and Australia with BD112 million (8%).
Non-agglomerated iron ores and concentrates were the top product imported to Bahrain worth BD200 million (14%), followed by other aluminum oxide with BD101 million (7%) and parts for aircraft engines with BD41 million (3%).
As for the trade balance, which represents the difference between exports and imports, the deficit logged was BD310 million in Q2 2024 compared to BD322 million in Q2 2023.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
